J U N E 2 6, 2 0 1 4

Maryland gains
13,800 jobs since
January
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Maryland 5th in
New Economy
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Agriculture sales
reach $2.3 billion
Learn more.






Maryland adds 13,800 jobs since January
Maryland's total employment in April was revised to show that the state gained
10,600 jobs that month, while jobs slipped in May by 1,300. With the harsh
winter over, labor market conditions in Maryland have improved since March
and the economy has added a total of 13,800 jobs this year. Compared with
May 2013, Maryland's total non-farm employment is up by 22,100 jobs, with
18,300 of those in the private sector. The largest over the year gains were in
leisure & hospitality (9,100), education and health care (6,000) and
professional and business services (3,900).


Nonemployer firms on the rise in Maryland
A recent U.S. Census report shows that the number of nonemployer firms in
Maryland are on the rise. Nonemployer firms are defined as firms that don't
employ anyone besides the owner but that file tax forms and report business
income as individual proprietorships, partnerships, or any type of corporation.
In 2012, Maryland had 442,314 nonemployer firms. These
businessesgenerated $19 billion in total revenue, up 2.5 % from 2011. This
translates into an average of $43,000 per business.


Maryland 5th in 2014 States New Economy Index
Maryland ranks fifth overall in the seventh edition of the State New Economy
Index, a measure of 25 indicators of a state's economy as knowledge-based,
globalized, entrepreneurial, technology-driven and innovation-based. Maryland
has realized high rankings primarily due to high concentrations of knowledge
workers including IT jobs and the high educational attainment of in-migrants
from within the US. The Index also considers manufacturing firms that are
capital intensive, producing more technologically complex products and
organizing their work to take better advantage of worker skills. By this measure
Maryland ranks 11th in worker productivity in the manufacturing sector.


States increase state economic development investments in
FY2015
The Council for Community and Economic Research recently updated its State
Economic Development Program Expenditures Database which tracks
investments in economic development across all 50 states. Based on all
Governor Recommended Budgets for fiscal year 2015, states are collectively
proposing to spend $7.95 billion for economic development related activities in
FY2015, which represents a small increase over the FY2014 enacted budgets
total for economic development. However, the FY2015 recommended budgets
total represents a sizable 9.6% increase over the FY2013 actual economic
development expenditures total of $7.26 billion.


New agricultural census shows Maryland farm income up
The U.S. Department of Agriculture released its five-year Census of Agriculture
showing that the total value of agricultural products sold in Maryland increased
23.8% to nearly $2.3 billion over the past five years. While the average farm-
related income increased by 20.8% (to $109.9 million), farm expenses
increased more, by 25.4% (to $1.94 million). Frederick County had the largest
number of farms (1,308) while Caroline County has the largest value of
production ($258 million). This Census tracked on-farm Renewable Energy
Production and found 467 renewable energy practices now in place on
Maryland farms (up from 131 in 2007) including 284 solar panel systems; 83
geoexchange systems; 29 using wind turbines and 45 producing biodiesel.


Growth in state GDP slows
Real gross domestic product (GDP) increased in 49 states and the District of
Columbia in 2013, according to new statistics released by the U.S. Bureau of
Economic Analysis (BEA). U.S. real GDP growth slowed to 1.8% in 2013 after
increasing 2.5% in 2012. Maryland real GDP was $322.2 billion in 2013, an
increase of only .01%. The slow growth in Maryland had been predicted by
many economists in the aftereffects of sequestration. Moody's Analytics
estimated that the federal government shutdown cut state GDP by more than
1% and cut the nation's real GDP by $20 billion. Many states that have large
amounts of Federal contract spending had low GDP growth, including Virginia.


Maryland Economic Snapshot
Maryland GDP for 2013 reaches $342 billion (current dollars)
Maryland's total non-farm employment is up by 22,100 jobs
Maryland May unemployment rate 5.6%
12 MD-based companies made the 2014 Forbes 1000 list
Maryland ranks 1st for highest concentration of employed doctoral
scientists and engineers
Baltimore ranks 10th for cities creating the most technology jobs
Baltimore/Washington DC ranks 2nd for highest paying cities for
technology jobs.



SBA Financing Seminar
July 31 | Ocean City
Attend the SBA's Small Business
Financing Seminar in Ocean City to learn
how companies can make the most out of

ProBiz 2014
July 17 | Washington, D.C.
The ProBiz 2014 Small Business Procurement
Conference seeks to connect companies with
prime contractors and government agency
representatives. Ticket prices vary. Learn more.
various SBA loan programs.
Contactbmiller@businessfinancegroup.org,
703-352-0504, to register. Learn more.

MILCOM 2014
October 6-8 | Baltimore
Military and government communication experts
gather together to discuss the latest technology
advancements at the 33rd MILCOM
conference.Learn more.